Media magnate Rupert Murdoch steps down, gives way for son to take over

Media tycoon Rupert Murdoch is stepping down from his role as chairman of Fox and News Corp, marking the end of a remarkable seven-decade career as one of the world's most influential and controversial media moguls.

As reported by the Guardian, in a message to staff initially reported by the Murdoch-controlled Wall Street Journal, he stated, "For my entire professional life, I have been engaged daily with news and ideas, and that will not change. But the time is right for me to take on different roles".

At 92 years old, Murdoch will take on the title of chairman emeritus for both corporations, according to the company's announcement.

It appears that Lachlan Murdoch, Rupert Murdoch's eldest son, is positioned to succeed him. In his message, Murdoch described Lachlan as a "passionate, principled leader" capable of guiding the companies into the future.

This transition is occurring at a time of considerable uncertainty in the media industry, which Rupert Murdoch has long dominated. Fox faces stiff competition for viewers from much larger and better-funded broadcasters, particularly as Americans shift from traditional cable television to streaming services for entertainment. Meanwhile, News Corp, which owns publications like The Times and The Sun in the UK, is grappling with declining print sales and the migration of advertising to major social media platforms.